Telenor Expands Fibre Footprint with NOK 6 Billion Acquisition of GlobalConnect’s Consumer Network

Telenor Expands Fibre Footprint with NOK 6 Billion Acquisition of GlobalConnect’s Consumer Network

(IN BRIEF) Telenor has agreed to purchase GlobalConnect’s Norwegian consumer fibre business for NOK 6.0 billion, adding about 140,000 subscribers and boosting its market share from 22 percent to 29 percent. The acquisition will extend Telenor’s network reach, offer GlobalConnect’s customers access to Telenor’s full service portfolio, and deliver annual synergies of NOK 0.15 billion through integration efficiencies. After initial restructuring, the deal is projected to generate NOK 0.3 billion in EBITDA per year for the first two years and achieve NOK 0.45 billion in free cash flow run-rate before financing costs by 2028. Integration capex is estimated at NOK 0.3 billion over 2026–2028. The transaction awaits competition authority clearance.

(PRESS RELEASE) FORNEBU, 8-Jul-2025 — /EuropaWire/ — Telenor ASA today announced the acquisition of GlobalConnect’s consumer fibre business in Norway for NOK 6.0 billion, reinforcing its leading role in the country’s fibre broadband market. The transaction covers GlobalConnect’s Norwegian fibre infrastructure and about 140,000 retail fibre subscribers, and is expected to unlock significant synergies by integrating this network into Telenor’s existing operations.

Benedicte Schilbred Fasmer, President & CEO of Telenor, stated: “This acquisition represents a major step forward for both our customers and Telenor. By absorbing GlobalConnect’s consumer fibre network, we’ll deliver our reliable, high-performance services to even more Norwegian households.” She added that the deal aligns with Telenor’s long-term strategy to expand its fibre footprint and achieve greater scale in the core telecom market.

New subscribers will immediately benefit from Telenor’s suite of offerings—including advanced digital security, premium home-network solutions, and rich entertainment packages—backed by the company’s renowned connectivity and customer support. “We warmly welcome our new customers and employees,” Fasmer said. “This deal allows us to reach more homes with essential services and continually raise the standard for what people can expect from their connectivity provider.”

Martin Lippert, CEO of GlobalConnect, commented, “As we concentrate our Nordic B2C operations on wholesale, divesting our Norwegian B2C unit was a natural next step. We’re confident that Telenor will provide excellent care for these customers and their teams, while GlobalConnect continues to invest in its B2B and carrier-focused services in Norway.”

Financial and Market Impact
Based on 2024 figures from the Norwegian Communications Authority (NKOM), Telenor’s share of fibre subscriptions will grow from 22 percent to 29 percent. GlobalConnect’s consumer arm generated over NOK 0.6 billion in revenues in 2024. Post-integration, Telenor anticipates roughly NOK 0.3 billion in annual EBITDA during the first two years (after restructuring), with free cash flow ramping to a run-rate of NOK 0.45 billion before financing costs by 2028. Annual cost savings of approximately NOK 0.15 billion are expected through backbone consolidation and scale efficiencies in sales, operations, and maintenance. Integration capital expenditures are projected at around NOK 0.3 billion between 2026 and 2028, predominantly in the first two years. The deal remains subject to approval by the Norwegian Competition Authority.

Media contacts:

Tobias Gausemel Backe, Press contact, Telenor Group
+47 975 47 778 | tobias-gausemel.backe@telenor.com

Thomas Midteide, SVP Communications, Telenor Group
+47 962 32 017 | thomas.midteide@telenor.com

SOURCE: Telenor Group